Veterinary Laboratory Testing Services Market By Technology (Molecular Diagnostics, Immunodiagnostics, Hematology, Clinical Biochemistry, & Others.), By Animal (Companion Animal, & Livestock Animal), By End User (Veterinary Hospitals & Clinics, Diagnostic Laboratories, Research Institutes, In-House Testing), By Geography - Global Opportunity Analysis & Industry Forecast, 2022-2027

Veterinary Laboratory Testing Services Market Overview

The Veterinary Laboratory Testing Services Market size is estimated to reach $20.7 billion by 2027. Furthermore, it is poised to grow at a CAGR of 10.9% over the forecast period of 2022-2027. Veterinary laboratory testing is performed for the detection of disease in an animal. Real-time PCR testing equipment and nucleic acid extraction tools are used to perform laboratory tests for animals. Pathology, serology, hematology, and many more disciplines are all covered by veterinary laboratory testing services. The most frequent imaging treatment in veterinary care is radiography, which uses movable equipment in the large animal clinic to treat horses and other large animals and tiny equipment for the diagnosis of animals like cats, dogs, and other small pets. In vivo testing is done in the medical and research fields to test the safety of medications before they are used on people. Laboratory tests like toxicology testing are an important and useful tool for assisting us in the diagnosis of many health problems in our pets. They help veterinarians diagnose diseases which sometimes also not clinically evident, confirm diseases that can be suspected upon clinical examination, and help us to monitor disease progression. It is also essential in the diagnosis of diseases or medical conditions which are diagnosed by the exclusion of all other possible conditions, for instance, some behavioral problems. The key factors propelling the Veterinary Laboratory Testing Services include the rising prevalence of the disease among animals, surges in foodborne disease cases, and expanding advancement in veterinary diagnostic equipment.

Veterinary Laboratory Testing Services Market Report Coverage

The report: “Veterinary Laboratory Testing Services Market Forecast (2022-2027)", by Industry ARC covers an in-depth analysis of the following segments of the Veterinary Laboratory Testing Services Market.

Key Takeaways

• Geographically, North America dominated the market in 2021. It is attributable to both increased development in the healthcare industry and the growing acceptance of new technology for the treatment of various illnesses.
• Some of the factors propelling the market for veterinary laboratory testing services include the rising incidence of disease in animals, which increases the incidences of foodborne illnesses, and the development of veterinary diagnostic equipment and services. However, one of the things hindering the market's expansion is a lack of knowledge about animal healthcare.
• A detailed analysis of strengths, weaknesses, opportunities, and threats will be provided in the Veterinary Laboratory Testing Services Market Report.

Veterinary Laboratory Testing Services Market- Geography (%) for 2021.

Veterinary Laboratory Testing Services Market Segmentation Analysis- By Technology

The Veterinary Laboratory Testing Services market based on technology can be further segmented into Molecular Diagnostics, Immunodiagnostics, Hematology, Clinical Biochemistry, and Others. Molecular Diagnostics held a dominant market share in the year 2021. The use of molecular diagnostic technologies has improved how veterinarians approach the diagnosis of infectious diseases. In veterinary medicine, the topic of molecular diagnostics is quickly developing. For the quick and accurate identification of animal diseases, a variety of molecular approaches of varying complexity are available. Using molecular-based techniques like conventional, real-time, and quantitative PCR, the Molecular Diagnostic Section offers to evaluate a variety of animal diseases. Numerous pathogens can also have their genomes sequenced. With the use of these cutting-edge methods, nucleic acids can be quickly and extremely sensitively detected to assist in the diagnosis of infectious disorders. These methods have the benefit of using just modest quantities of a wide range of biological sample types. Additionally, it enables quicker and more accurate identification of infectious disorders, which is driving an increase in the use of molecular diagnostics in veterinary laboratories, hence, driving the segment growth.

However, Hematology is estimated to be the fastest-growing, with a CAGR of 11.1% over the forecast period of 2022-2027. This is mostly due to the increased need for blood samples to identify the illness, which is driving up the demand for hematology technology in the lab and fostering the expansion of the market for veterinary laboratory testing services. 

Veterinary Laboratory Testing Services Market Segmentation Analysis- By Animal

The Veterinary Laboratory Testing Services market based on the Animal can be further segmented into, Companion Animals, and Livestock animals. Companion animals held a dominant market share in the year 2021 owing to the increasing acceptance of companion animals into homes, which raises the need for veterinary testing services as these animals become infected more quickly due to the increased use of molecular diagnostics to identify the illness promptly. Veterinary laboratory testing is increasingly used among companion animals as a result of its widespread use among humans. Seventy percent of all US households have a companion animal, according to the 2021–2022 National Pet Owners Survey. State governments enact the majority of legislation pertaining to companion animals. Additionally, several counties and localities enact laws to safeguard pets. Dogs, cats, rabbits, guinea pigs, hamsters, companion birds, reptiles, amphibians, fish, and many other species are considered companion animals. According to the Institute of Agriculture and Natural Resources, there are currently more than 1.1 billion companion animals in existence globally. Companion animals receive relatively little federal protection, hence enhancing the segment expansion.

However, Livestock Animal is estimated to be the fastest-growing, with a CAGR of 11.4% over the forecast period of 2022-2027. The prevalence of infectious diseases among livestock animals, such as cattle and poultry, is rising recently, which is driving up the need for laboratory testing. Additionally, the rapidity with which animal diseases can be diagnosed thanks to veterinary laboratory testing aids in the reduction of infections, which in turn fuels the expansion of the market for veterinary laboratory testing services. The United States raises and slaughters almost 10 times more birds than any other type of animal. Approximately 9 billion chickens are killed for their meat every year, while another 300 million chickens are used in egg production. These are owing to the rising consumption of protein among people. Therefore, the demand for veterinary laboratory testing services increases.

Veterinary Laboratory Testing Services Market Segmentation Analysis- By Geography

The Veterinary Laboratory Testing Services market based on Geography can be further segmented into North America, Europe, Asia-Pacific, South America, and the Rest of the World. In 2021, North America held a dominant market share of 32% as compared to its other counterparts as more people are using cutting-edge technologies to treat a variety of disorders. Additionally, the usage of veterinary laboratory testing to accurately detect the condition is increasing due to the increased prevalence of disorders in pet dogs, which is, in turn, promoting the market growth. One of the most prevalent illnesses, periodontal disease impacted 80% of dogs in the United States in 2020, increasing the need for veterinary laboratory testing services. The FoodNet system recorded 24,484 foodborne illnesses, 5,677 hospitalizations, and 122 fatalities (Center for Disease Control and Prevention, USA). Campylobacter, Salmonella, and Shigella had the highest rates per 100,000 individuals in the United States (bacteria that cause bacterial gastroenteritis, a digestive issue). This element fuels the market's continued growth.

However, Asia Pacific is anticipated to be the market with the fastest growth during the forecast period of 2022–2027 owing to increased healthcare infrastructure and healthcare expenditures that are spurring the growth in veterinary laboratory testing services. Additionally, developing technologies in the healthcare industry in several Asian nations, including China, Japan, and India, contribute to the market's expansion.

Veterinary Laboratory Testing Services Market Drivers

The Increasing Prevalence of Infectious Disease among animals Expands Veterinary Laboratory Services Industry.

The market for veterinary laboratory testing services is being pushed by an increase in animal disease epidemics. For instance, a wide range of diseases is infecting cattle, which is increasing the number of laboratory tests conducted on cattle. Additionally, cattle all across the world are becoming more susceptible to infectious diseases brought on by viruses and pathogens. For instance, the two most prevalent zoonotic pathogens found in the intestines of animals including poultry, swine, and cattle are Salmonella and Campylobacter, which are the main causes of foodborne illness around the globe. The potential danger exists since humans can contract these diseases through the food chain. The market for Veterinary Laboratory Testing is therefore being driven by initiatives to reduce these illnesses in animals. According to the Centers for Disease Control and Prevention, 3 out of every 4 novel or emerging infectious diseases in humans and more than 6 out of every 10 existing infectious diseases in humans can be transmitted from animals. Additionally, livestock animals like chickens and cattle have zoonotic pathogens in their intestines that also cause foodborne illnesses, which is why veterinary laboratory testing services are becoming more popular. These are some factors that further enlarge the market growth.

The Growing Advancement in Veterinary Diagnostic Tools Drives The Veterinary Laboratory Testing Services Market Growth.

Recent trends in veterinary technology have moved towards the integration of hand-held devices and consumer-based technology to monitor pets and interact with veterinarians. Recent advances in the development of technologies for personalized human medicine have motivated the development of prototype diagnostic tests for a wide selection of diseases in livestock. According to the World Health Organization, about 75% of all infectious diseases are zoonotic, and owing to the rising number of infectious diseases, various companies are using multiple advanced testing solutions in order to diagnose the diseases rapidly and accurately. Moreover, multiple testing panels are being used by more and more companies that provide veterinary laboratory testing services. A test panel is a collection of medical tests that have been pre-selected for use in both the diagnosis and therapy of animal disease. For instance, Abaxis Inc. uses a variety of single-use test panels that are intended to treat a number of ailments and only need 3 to 4 drops of blood to produce up to 14 accurate findings, hence generating market revenue.

Veterinary Laboratory Testing Services Market Challenges

The Lack of Awareness of Animal Health is impeding the market growth.

Owing to the lack of awareness pertaining to animal health, the use of veterinary testing reduces which in turn hampers the market growth. Animal health services are lacking for the animals with frequent disease occurrence which causes death and zoonoses. Poor management practices often compound it further and this arises from the lack of knowledge. For the purpose of identification, animals are marked cruelly. According to World Animal Protection, around 10 million dogs are abused each year, indicating a growing lack of awareness regarding animal health. Furthermore, there is a dearth of human awareness about animal diseases, which is leading to an increase in disease transmission among humans as well as animal fatalities. For instance, diseases like rabies that can be identified by veterinary testing are frequently left undetected in developing nations like India, China, and South Africa. As a result, many people who are bitten by rabid animals in these nations die. For instance, each year more than 55,000 individuals worldwide succumb to rabies, with India accounting for almost 30,000 of these cases. Around 27,000 cases of animal rabies were documented, but Prof. Andrew Leisewitz from the University of Pretoria claims that the actual number of cases was likely significantly higher. The market for veterinary laboratory testing services is being constrained by this lack of awareness, particularly in emerging regions.

Veterinary Laboratory Testing Services Industry Outlook

Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Veterinary Laboratory Testing Services Market. The top 10- Veterinary Laboratory Testing Services Market companies include:

1. Biomerieux SA
2. IDEXX 
3. Thermo Fisher Scientific 
4. Zoetis, Inc 
5. Medical Laboratories 
6. GD Animal Health 
7. Randox Laboratories Ltd. 
8. Heska Corporation 
9. Pfizer Animal Health 
10. Neogen Corporation

Recent Developments

• In April 2022, Biomerieux SA entered into an agreement to acquire Specific Diagnostics, a privately held U.S.-based company that has developed a rapid antimicrobial susceptibility test (AST) system. The AST delivers phenotypic AST directly from positive blood cultures and the two companies had signed a co-distribution agreement covering the European market in 2021. This acquisition is expected to enhance the company's revenue.
• In April 2022, Neogen Corporation announced that it has added a new product to the trusted Prozap® insect control line. It is a ready-to-use triple-active mixture that can be used on beef cattle and calves to get rid of horn flies, horse and deer flies, stable flies, chewing and sucking lice, and other insects. A special mix of active substances included in the product's formulation, such as an insect growth regulator (IGR), an adulticide, and a synergist, relieves cattle from infestations and destroys louse eggs before they hatch, giving season-long lice control with just one application.
• In August 2020, The ImageVue® DR30 Digital Imaging System has been added to the industry-leading imaging portfolio of IDEXX Laboratories, Inc., a leader in veterinary diagnostics and software. In the past four years, IDEXX has released three ImageVue® digital imaging systems. The ImageVue® DR50 Digital Imaging System, introduced in 2016, features the most cutting-edge digital imaging technology on the market and is the lowest dosage radiography system for use in veterinary medicine.

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